Statement from Commerce Department Chief Economist Doms on Second Estimate of GDP for First Quarter

Washington, DC—(ENEWSPF)—May 26, 2011. The U.S. Commerce Department’s Bureau of Economic Analysis today released the second estimate of gross domestic product (GDP) for the first quarter of 2011. Real GDP grew 1.8 percent at an annual rate in the first quarter, unchanged from last month’s advance report and slightly below private-sector expectations of an upward revision. Corporate profits grew by $21.9 billion in the first quarter of 2011 to a level of $1,700.2 billion.

“Today’s report shows little change from the GDP estimates released last month,” said U.S. Commerce Department Chief Economist Mark Doms. “What today’s data does tell us is that corporate profits continue to grow and businesses continue to hire more workers. In the first four months of this year, the economy added 854,000 jobs, and that will help boost our economy further in the quarters ahead.”